PF Can Be Directly Withdrawn From ATMs From 2025; Internet Jibes ‘No More Savings’

Employee Provident Fund Organization (EPFO) subscribers will now be able to avail their almost impossible-to-withdraw pension funds directly from ATM kiosks starting next year!

Per reports, the labor ministry, in its bid to enhance the IT systems, will provide this facility to pensioners. Sumit Dawra, the labor secretary, stated that EPFO is settling claims quickly and making its processes easier to improve the ease of living, and thereby a claimant can withdraw their PF conveniently from a local ATM with minimal human interventions.

Currently the EPFO has over 70 million active subscribers, and they keep them active by making it harder to withdraw, increasing footfalls at the website, ‘cause footfall at the office in person doesn’t help the case at all. Per reports, more than Rs 54,658 crore is lying unclaimed in dormant or inoperative EPF accounts, as was revealed in an RTI. The Hindu reported that during 2023-2024, the unclaimed PF from inoperative accounts grew by fivefold, amounting to Rs 8,505 crore! Such is the travesty of EPFO.

PF Can Be Withdrawn Directly From ATMs Starting 2025: Labour Secretary pic.twitter.com/GoCpsfxnE3
— NDTV (@ndtv) December 12, 2024

Will the announcement of PF withdrawal via ATM prove to be another jumla? Skeptics argue that this move would effectively steal savings of hard-working Indians just to serve the higher purpose of purging someone else’s paap. One user quipped that this shows how bad the Indian economy is that the government is releasing PF money for people to spend.

Hmm…why not make the existing online process seamless and quick?

It shows how bad our economy is. The govt has to release PF so that people can have money to spend.
— Ritesh (@ritesh_1625) December 12, 2024

They won’t fix the existing issues but will make big promises.
— ッ (@selurus) December 12, 2024

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